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- Jun 2, 2023
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10k, 20k, 50k, etc?
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Free registration at the forum removes this block.It's not about the income, it's about how you are making it.10k, 20k, 50k, etc?
It's not about the income, it's about how you are making it.
$50k a month as a doctor working 80 hours a week?
$20k a month as an investor working 5 hours a week?
Which one is fastlane to you?
Agree with this.As others have said, it's not how much you earn but how you earn it.
And there's also this:
NOTABLE! - MINDSET - My friend, you are already IN the Fastlane.
Originally posted here by @MJ DeMarco Too good to be buried deep in the forum. ... My friend, you are already IN the Fastlane. Fastlane is not some arbitrary sum of money. It's not passive income while sitting on a beach. And it's not retiring at 30. Fastlane at its core is a mentality...www.thefastlaneforum.com
It depends on what he’s investing in. I think you may be thinking of trading.the investor guy has to go through volatility, periods of ups and downs. Not as sexy as you might think View attachment 49397
If we want to talk about absolute amounts of money. I agree. I think that $10,000 a month is probably where you start feeling a little comfortable in most areas of the United States.I find there are two starting amounts where things change the most:
- 5 to 10k a month where people can quit their job and go fulltime in their own business. This allows people to set up their life as they wish and have enough money to start building a good lifestyle base.
- Around 50k/month where people can start to stack wealth a lot faster while also living a high standard of living.
What is a CD again lol? How much would you have to put into it to get 20k per month at 5%?It depends on what he’s investing in. I think you may be thinking of trading.
The only reason I put 5 hours a week is because nothing is truly 100% passive.
But you could get $20k/mo with 5% CDs and have zero work.
$4.8M would get you $20k a month at 5%.What is a CD again lol? How much would you have to put into it to get 20k per month at 5%?
If we want to talk about absolute amounts of money. I agree. I think that $10,000 a month is probably where you start feeling a little comfortable in most areas of the United States.
I feel like at $20,000 a month. You are in kind of a limbo stage where you can spend freely but if you do so you are not accumulating any wealth at this level you need to be mindful of a budget still if you want to become in the top 1% later in life.
I think that around $50,000 a month is where You can start spending some money and not even worry about how much you are saving because you are just saving a lot of money without even trying. This is near the point where MJ mentions you can save close to 90% of your income without actively thinking about savings.
How do you deal with taxe issues?My perspective... and this is based in US/Canada, other countries will be different.
- $5-$10K/mo: Fastlane launchpad, here someone can take care of bills and really focus on their business.
- $10-$20K: Debt repayments start to accelerate, you start to realize that you don't stress about money as much.
- $20K-$50K: Personal debts can be paid instantaneously (student loans, car balances, mortgages) you start paying cash for things, and savings start to accumulate, even with modest lifestyle elevation, newer car, new house.
- $50K-$100K Net worth starts to rapidly accelerate, both through cash flow and business evaluation. Lifestyle can elevate and your life starts to change. Friends/family might start taking notice.
- $100K-$250K/mo: Net worth begins to go asymmetrical, life changes, no money worries at all, assuming your lifestyle didn't mimic the income elevation. Taxes start becoming a problem.
- $250K+/mo: Life is never the same, lifestyle starts to go asymmetrical, net worth rapidly accumulates as does liquid reserves. Taxes become a major issue.
absolutely true. And you should also consider if you can scale and automate itIt's not about the income, it's about how you are making it.
$50k a month as a doctor working 80 hours a week?
$20k a month as an investor working 5 hours a week?
Which one is fastlane to you?
Very goodMy perspective... and this is based in US/Canada, other countries will be different.
- $5-$10K/mo: Fastlane launchpad, here someone can take care of bills and really focus on their business.
- $10-$20K: Debt repayments start to accelerate, you start to realize that you don't stress about money as much.
- $20K-$50K: Personal debts can be paid instantaneously (student loans, car balances, mortgages) you start paying cash for things, and savings start to accumulate, even with modest lifestyle elevation, newer car, new house.
- $50K-$100K Net worth starts to rapidly accelerate, both through cash flow and business evaluation. Lifestyle can elevate and your life starts to change. Friends/family might start taking notice.
- $100K-$250K/mo: Net worth begins to go asymmetrical, life changes, no money worries at all, assuming your lifestyle didn't mimic the income elevation. Taxes start becoming a problem.
- $250K+/mo: Life is never the same, lifestyle starts to go asymmetrical, net worth rapidly accumulates as does liquid reserves. Taxes become a major issue.
Hope you are investing a lot of that money!I've gone back to a job to put some savings together to relaunch my business in a bigger city (5 million vs 300k).
I make 20 to 25k AUD a month gross but do 12 hour days and am in tunnels 800 metres underground. Does NOT feel fastlane lol.
If I was managing my business which had growth potential and was only clearing 1/3rd of that I'd feel much better.
Only been there a month but will be using it for relaunching my commercial cleaning biz in a capital city I used to live in, targeting 5 to 15k per month clients. Got my a$$ kicked the first year I tried with too small clients, too small an area population wise, wrong productivity rates and margins, and much, MUCH moreHope you are investing a lot of that money!
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